Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/magnolia-petroleum-continue-to-make-progress-to-bu.shtmlMagnolia Petroleum continue to make progress to build production and prove up reserves
Magnolia Petroleum announces a quarterly update on its operations across proven and producing US onshore hydrocarbon
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Magnolia Petroleum announces a quarterly update on its operations across proven and producing US onshore hydrocarbon formations, including the Bakken/Three Forks Sanish in North Dakota and Montana, and the Mississippi Lime and the Hunton/Woodford in Oklahoma.
Quarter Highlights
• 15 new wells commenced production bringing the total to 176 producing wells as at end of Q4 2014 - a further 48 at various stages of development ◦ Elected to participate in 14 new wells in low cost formations including the Mississippi Lime and Woodford in Oklahoma
• Strong initial production rates from six Devon Energy operated wells drilled on the same spacing unit in Oklahoma added 96 boepd to Magnolia's net production - highlights low risk high impact potential of infill drilling to rapidly increase production and maximise the recovery of reserves
